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Does the ISO 20022 standard message types have a one to one counterpart with SWIFT MX and SWIFT MT?
So far I have looked into the documentation of each one of them, but it's all too much and I'm still trying to wrap my head around it.
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ISO 20022 is richer, better defined and more granular than its predecessor SWIFT MT, and it improves the quality and consistency of data across messages and financial processes as well as the automation of its processing. “MT messages are very simple” - MT messages have been in industry for a long time.
Financial messaging network provider SWIFT's ISO 20022 standard was first published in 2004, proposing an international open messaging rulebook to replace SWIFT's existing messaging standards. It was designed to simplify and improve the way financial information is processed and exchanged worldwide more effectively.
Swift will introduce ISO 20022 as of November 2022. As of that date, Financial Institutions will have to be able to receive ISO 20022 payment messages. As of November 2025, all messages, both sending and receiving must be based on ISO 20022.
ISO 20022 is an open global standard for financial information. It provides consistent, rich and structured data that can be used for every kind of financial business transaction.
No.
SWIFT MT is their implementation of ISO 15022. It is sometimes known as "FIN", within SWIFT. SWIFT MX is their implementation of ISO 20022. SWIFT MTXML is their implementation of ISO 15022 with the benefits of the ISO 20022 syntax.
Some Business Process in ISO 15022 have equivalents/successors in ISO 20022, such as Payments; but many do not. And ISO 20022 includes many business processes, that have no ISO 15022 equivalent, such as Transfer Agency.
In summary, the sets of ISO20022, ISO15022, SWIFT, MX, and MT are all distinct.
The easy way to program it is too use a programming library that takes core of it for you, such as C24 or Volante. There are many other options, but I'd recommend these two as programmer friendly.
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